Saturday, October 25, 2008

So how are they going to use the 700 billion dollars?

WASHINGTON (AP) -- First, the $700 billion rescue for the economy was about buying devalued mortgage-backed securities from tottering banks to unclog frozen credit markets.
Then it was about using $250 billion of it to buy stakes in banks. The idea was that banks would use the money to start making loans again.

But reports surfaced that bankers might instead use the money to buy other banks, pay dividends, give employees a raise and executives a bonus, or just sit on it. Insurance companies now want a piece; maybe automakers, too, even though Congress has approved $25 billion in low-interest loans for them.

They have no clue, they are going to destroy the whole country! Maybe they can start thinking of helping the PEOPLE. Apparently this country and the poticians use this quote for everything they do "of the people, by the people, for the corporations".

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